Norfolk School District to save $3 million in bond refinancing

Aug234:43 am

NORFOLK - Norfolk Public Schools could be debt free in less than 10 years following action taken Thursday to set the district on a path to pay off bonded indebtedness ahead of schedule. Cody Wickham, with the financial firm D.A. Davidson and Company, says a refunding resolution approved unanimously at Thursday’s Board meeting moves up the date for the district to pay off all bonds. The final payment will now take place in December of 2022. Wickham says the district will save a little more than $3-million net over the life of the bonds primarily because of historically low interest rates. Wickham says he expects to be selling the bonds within about two weeks, and the process should be completed by the end of September. He says the new bonds will be callable in five years, and the district may be able to refinance again at that time, potentially saving even more money.